Welcome to our weekly news roundup, of headlines which we thought would be beneficial to our readers. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of BNPL, savings accounts, accepting payments and beyond.
This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Venmo is launching Teen Accounts in June 2023, giving parents and legal guardians the option to open an account for teens between the age of 13-17 to send and receive money. Parents will be able to monitor transactions and manage privacy settings. [source: Finextra]
With so many paytechs, lending options and currencies, teaching teens to manage money from a young age is an excellent idea. Teaching teens to manage money through a live account that has parental control is a safe and effective way to educate Gen Z about personal finances, particularly in our growing digital world. Young generations being taught about funds and spending habits is imperative for financial knowledge and creating healthy spending habits to minimise risks around credit issues and susceptibility to cyber crimes. – Jovi
- The Australian government has announced plans to regulate the BNPL industry, treating it as a credit product. The decision has come in response to concerns over the growing number of cases of unaffordable lending. [source: Fintech Futures]
Lending options have become increasingly accessible, and the lack of due diligence around affordability has raised concerns. BNPL products are great at offering alternative payment options, particularly in our cost of living crisis; however the regulations are needed to tackle processes, excessive fees, unexpected credit increases and lack of transparency. – Jovi
- NatWest bank has launched Tap to Pay on Android, giving customers the ability to accept in person contactless payments through their personal phone devices. The soft POS service is designed for businesses to accept payments without physical hardware; accepting credit and debit cards, as well as digital wallets. [source: The Paypers]
NatWest bank stepping into the age of development will offer users better payment and financial-based experiences. The soft POS system will bring quick and convenient payments to numerous businesses to optimise payments because of the quick integration of Tap to pay. By emitting the need for a physical POS system, merchants of all business sizes will be able to save on costs, and expand to new areas of business without a need for several payment terminals. – Jovi
See you next week, back in the blog for your next weekly news roundup.